Welcome to the fourth edition of the
asensio.com Internet home page. In July 1996 asensio.com became the first
private Internet site devoted to investor advocacy and critical commentary on
publicly traded securities. It was our good fortune that asensio.comís first two
published short sales, Diana and Solv-Ex, have become Wall Street legends and
have been cited in academic finance papers. The site has evolved.
This latest
edition opens the site for the publication of articles, company reports and
historical accounts of interesting and educational short selling accounts from
outside sources.

Asensio & Company, Inc.ís 8 year public record,
which is the finest fully auditable recommendation record ever compiled by a
Wall Street firm, remains our mainstay. Asensio & Company, Inc.ís record is
composed of not just verifiable price forecasts but also fully disclosed
reasoning and event outcome predictions. Our site is not affiliated with the
former Asensio & Company, Inc. or its leader. We are different. First, we
are not members of any exchange or securities organizations. Second, we do not
trade for our own account or managed investment funds. However, we are the
owners of Asensio & Company, Inc.ís archives and are its investment
philosophy disciples. New short-selling campaigns initiated here at asensio.com
will be added to the record under a separate category. Other categories for
historical work we published will also be added to the site for instructional
purposes.

asensio.comís new structure provides it with the necessary
legal protections to work with freedom and independence. It provides our reports
with protection against conflicted non-governmental securities industry
organizations whose interest are counter to those we advocate. It provides the
public with more information about our history and offers features that we hope
will be helpful in advocating investorsí interests to
government.

Asensio & Company is an investor
advocate and is qualified to comment on government matters effecting securities
markets. We believe that current short selling regulations restrict the free
flow of information and capital, and that these restrictions wrongfully harm our
markets and our business. However, political commentary is not our business.
This site is entirely about using fairness and sound principles to successful
investing. It is about earning profits from no-nonsense hard research and firm
adherence to traditional investment values. We use it to distribute and promote
our investment opinions about the individual stocks and bonds.

We
specialize in conducting in-depth, fundamental equity research. We focus our
research on securities that trade at controversial prices. In order for us to
comment on a security there must exist a wide variance between our independently
calculated fair value and the securities' market price. During the five-year
period between 1996 and 2000 this predominantly led us to short selling. We
earned a place among Wall Street's most successful investors as short sellers in
a raging bull market.

As mentioned earlier, Asensio & Company
established its Internet presence on October 15, 1996 as a way of distributing
its research report on The Diana Corporation to hundreds of interested parties,
most of who were not known to us. The Internet allowed us to meet the demand for
this report in an incredibly efficient manner. In May 1996 when we issued our
initial Diana short sell recommendation its stock was trading on the NYSE at
over $100 per share. In April 1997 Diana's stock traded in the pink sheet below
$2 per share. In December 2000 Diana filed for bankruptcy protection. We
maintained our short recommendation throughout this entire period. This is only
one of over 48 extraordinary successful research projects that are chronicled
here. They are the historical basis of our outstanding
reputation.

Contrarian opinions are needed for productive debate. We
believe our new structure successfully protects the integrity and freedom of our
site. Its has evolved in response to political, economic, social and cultural
forces that allow unfettered securities promotion and hamper those who oppose
such practices. Until June 6, 2002 asensio.com was owned and operated by Asensio
& Company, Inc. which was then registered with the Securities and Exchange
Commission as a broker-dealer and was a member of the National Association of
Securities Dealers, Inc. Effective June 6, 2002 Asensio & Company, Inc., the
investment banking firm, relinquished all rights to its name and investor
advocacy archives to asensio.com. On October 31, 2003 Asensio & Company,
Inc. ceased all investment and securities related activities. Effective that
date a new Asensio & Company, Inc. assumed the control and operation of
asensio.com dedicated exclusively to the publication of investor reports and
investor advocacy.

We hope you become a regular user of asensio.com.
Historically our research work has consistently yielded extraordinary positive
investment results. Markets constantly challenge all methodologies. The only
real key to successful investing is to do only those things that you believe to
be completely correct. Accept no explanations for faults, and be a firm judge of
ultimate facts. There is a great deal investors can learn from the interesting
and exciting investment situations chronicled in the research reports archived
here. We are dedicated to our work methods. It is the basis for the firm
convictions and bold positions that probably brought you to asensio.com. Thank
you for coming to the asensio.com web site.